Following yet another downgrade, by JPMorgan this time, GE is trading back with an $8 handle for the first time since its crash in the financial crisis (and unchanged since 1995).

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Specifically, JPMorgan analyst Stephen Tusa cut his price target to $6 from previous $10. The current target is the lowest among all the analysts covering the stock, according to data compiled by Bloomberg.

“While the stock is down about 70 percent from the peak of $30, this move still does not sufficiently reflect the fundamental facts,” Tusa wrote in a note.

Tusa, who has carried the equivalent of a sell rating on GE since May 2016, said he expected continued erosion in the stock, given ongoing fundamental declines in power-related businesses, high leverage and a weak free cash flow.

“We are skeptical around calls for a bottom until management resets EPS expectations that are closer to free cash flow, something we believe they haven’t done for almost 20 years.”

And GE default risk is surging...

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We're gonna need a bigger kitchen-sink.